Many believe bankruptcy is the end of the financial road, so to speak. It might have seemeds like that in the past, but these days, filing bankruptcy isn’t quite as painful as those who do can easily rebuild their finances, credits, as well as their life. This means you aren’t stuck drudging along with no financial options available to you, you can still get credits cards, open bank accounts, and even get personal loans.
After declaring bankruptcy, those that filed can still get a personal loan. However, some things about it might be different than you might have experienced when taking one out before filing bankruptcy. The first thing you will notice is that you won’t have as many choices when it comes to lenders. Not every lender will give loans to someone with bad credit, after all. You may also need to attach an asset or a security to the loan because you filed bankruptcy and the lender needs assurances that it will be repaid.
For people with bad credit or those who have filed bankruptcy, most often the only kind of personal loans that will be afforded to you are secured loans, ones that require an asset or a certain amount of cash deposit in order to get. These are offered regardless of credit score, which makes them a good option for those that filed bankruptcy.
If you are considering filing bankruptcy, but still think that it will shut you off financially, contact us today. Let us go over what filing bankruptcy means for you and walk you through the process.